FAFSA season is here! If you’re the parent of a high school senior, you’ve likely already heard this acronym more times than you can count and you might not be entirely sure what it involves. The Free Application for Federal Student Aid (FAFSA) is one of the most critical forms your family will complete during the college process, yet it’s also one of the most commonly misunderstood.
We’ve put together this step-by-step parent guide to make the FAFSA process easier for you. Our recent blog covered why the FAFSA matters and this newsletter shows you how to make it work for your family.
Step 1: Know the Timeline
The FAFSA typically opens each year on October 1 (though the 2024–25 form was delayed due to system updates). Submitting the FAFSA early is always the best strategy. Funds can and do run out and once the funds run out, they’re gone — even if your student is eligible. One top of that, some states and colleges have earlier priority deadlines than the federal one.
Red Kite Pro Tip: Add FAFSA deadlines to a shared family calendar alongside application dates and scholarship deadlines. Treat it like a non-negotiable appointment.
Step 2: Gather Your Materials
Filing FAFSA is much smoother when you have the right documents ready to go. Here’s what you’ll need:
- Parent and student Social Security numbers (or Alien Registration Numbers for eligible non-citizens)
- 2024 Federal tax returns, W-2s, and other records of income
- Parents and student, if the student worked
- Bank statements and records of investments (excluding retirement accounts and home equity)
- Records of untaxed income (such as child support received, interest income, veterans noneducation benefits)
- Current balances of cash, savings, and checking accounts
- List of schools your student is considering, even if they’re just “maybes” (you can add or change this later, but it’s best to have them ready)
Red Kite Pro Tip: If parents are divorced, separated, or widowed, the FAFSA is completed by the parent who provided the most financial support in the past year (and their spouse, if remarried). If support was equal, the parent with the higher income files.
Step 3: Unlocking the Benefits of FAFSA
Many parents think the FAFSA is just for loans, but in reality it’s the key that unlocks:
- Federal Pell Grants (free money for students with financial need)
- Work-study programs (part-time jobs that help cover costs)
- Federal student loans (with flexible repayment terms)
- State-level aid programs
- School-specific aid packages (many require FAFSA, even for merit awards)
Red Kite Pro Tip: Every family should complete the FAFSA. It’s the key to unlocking aid opportunities across all income levels.
Step 4: Avoid Common Mistakes
Even with recent improvements, families can still make a few mistakes that are easy to avoid:
- Waiting too long: Aid funds are limited and awarded on a first-come, first-served basis, the earlier you file, the better.
- Leaving Fields Blank: Instead of leaving a field blank, enter “0” if the value is zero or the question doesn’t apply to you, as a blank field can be misinterpreted as an omission.
- Incorrectly Reporting Parent Information: Failing to include stepparent income after a parent’s remarriage or reporting income from the wrong parent (e.g., if parents are divorced) can lead to errors.
- Failing to Register for an FSA ID: Both the student and contributors (parents/spouses) need their own FSA IDs to electronically sign the FAFSA form.
- Closing the Application Before Submission: Ensure you reach the confirmation page and don’t just close the browser window, which can cause you to lose your work. You must enter your FSA ID and sign the application to submit it.
Step 5: Maximize Your Aid Potential
Here’s where Red Kite helps. FAFSA is just one piece of the affordability puzzle, with Red Kite, you can:
- Stay on top of deadlines: track key dates and tasks so nothing slips through the cracks.
Compare true costs with confidence: break down in-state vs. out-of-state tuition, factor in net price calculators, and see average aid awards, all in one place. - Find more funding: discover scholarships, grants and loans beyond what FAFSA covers.
- Keep everything organized: use one central hub for your family’s financial aid planning.
Final Thoughts
The FAFSA may feel intimidating, but it’s one of the most powerful tools parents have to make higher education more affordable. Filing early, filing accurately, and using resources like Red Kite to stay on track can save your family thousands of dollars and countless hours of stress.
Ready to dive deeper? Discover our step-by-step Parent’s Guide to Paying for College.
The Red Kite Team
